The UPI payments are growing fast, and the user base of this service is increasing rapidly. With such an overwhelming number of transactions, BHIM has to put a limit per day on UPI transactions daily. In this guide, we will see what is UPI, the benefits of UPI, the UPI transaction limit per day, and alternatives of UPI when the transfer limit is over.
Table of Contents
What is UPI? Full form of UPI
Unified Payment System is a newly launched payment system that is based on Bharat Interface for Money (BHIM). You don’t require any account details to transfer the money to your relatives/friends. Only a unique VPA (Virtual Private Address) is required to send/receive money.
Also, the UPI is linked to the mobile number registered with the bank and the six-digit OR four digits UPI PIN. This makes UPI payments more secure and reliable to use.
What is the UPI Transaction limit per day?
So UPI has a limit per day to minimize the burden on the servers. You can only transfer the set amount of money at one time and also in a day.
The UPI transactions limit per day is as follows –
Number of transactions Allowed within 24 Hrs – 10
UPI per day transaction limit – ₹ 1 Lakh
So, you can transfer a total of 1 lakh amount per day. Also, you can do 10 transactions which should not include the total amount of 1 lac.
UPI transactions limit also varies with Banks
Yes, the UPI transaction limit is different for different bank accounts.
Here are some of the bank names and their allowed UPI transaction limit per transaction and per day limit –
- SBI – ₹ 1 Lakh per transaction.
- HDFC Bank – ₹ 1 Lakh per transaction
- Kotak Mahindra Bank – ₹ 25,000 per transaction, 2 transactions per day
- Central Bank – ₹ 25,000 per transaction
- IDFC First Bank – ₹ 25,000 per transaction
- ICICI bank – ₹ 1 Lakh per transaction
- Axis Bank – ₹ 50,000 per transaction
- Bank of India – ₹ 10,000 per transaction
Also, the limit is set as per your account type Some people with a higher account variant gets a higher limit per transaction, while some peoples with a beginner/entry-level account variant get a lower transaction limit(even ₹10,000)
FAQs about UPI transaction limit per day
1. Does UPI chargeable?
> As per the latest RBI guidelines, UPI transactions are completely free. But there is a transaction limit per day.
2. Does the UPI limit is different for different UPI Apps?
> No matter which UPI app you use, you can only transfer 1 lac per day and do 10 transactions in 24 hours.
3. What to do when I forget UPI PIN?
> You can reset the UPI PIN if you forget it. You will need Debit card details to change your UPI PIN. You can read this guide on how to reset UPI PIN.
4. When the transaction limit gets reset?
> If you are done with the maximum allowed amount or transactions, then you cannot do any more UPI transactions. You can wait for 24 hrs from the first transaction of the day.
Alternatives of UPI: Solution to “You have exceeded the maximum transaction amount set by your bank”
So, what is the solution to the UPI transaction limit per day exceeded? Well, If you have exceeded the UPI limit of the day you will get a message on the app stating, “You have exceeded the maximum transaction amount set by your bank“.So, you cannot do any other UPI transaction for a day.
If you have the urgency, you can and want to do more transactions, then there are few other good old ways available.
IMPS – This service is almost similar to UPI but requires account details and is chargeable. You can generally transfer 2 lac per transaction and no limit on the amount transferred per day.
NEFT – This is a very old and well-known method to transfer funds. NEFT only works in specific timings. The limit of the NEFT also varies from bank to bank. Do check the bank website for limits and charges.
In this post, we have seen what is UPI transaction limit per day. Also, we have seen the amount which can be transferred in a day via UPI and the number of transactions allowed in a day.
If you have any queries related to UPI payments, then read our exclusive posts about UPI. Also, feel free to comment with your queries and questions about the UPI limit per day in the comment section below.
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